losangelesnewstoday.com April 22, 2018

United States exempts South Korea

28 March 2018, 01:06 | Katrina Lee

S. Korea, US reach deal 'in principle' on FTA, steel tariffs

South Korean Trade Minister Kim Hyun-chong answers a reporter's question during a briefing at Foreign Ministry in Seoul South Korea Monday

The United States today agreed to exempt South Korea from steel tariffs, instead imposing a quota on steel imports as the two countries agreed in principle to revise a trade pact sharply criticised by US President Donald Trump.

The partial import duty exemption is likely to lead to some damage to South Korean steel companies although the ratio is higher than what American steel companies demanded. "So we announced the tariff".

No South Korean automakers now export pickup trucks to the United States but Hyundai Motor said past year it planned to launch a model there to catch up with a shift away from sedans.

South Korea's steelmakers rose on Monday, with market heavyweight Posco leading the overall sector after the United States agreed to exempt South Korea from its new steel tariffs. The South Korean economy relies heavily on exports and benefitted from $119.3bn of bilateral trade with the U.S. a year ago. Reducing South Korean non-tariff barriers to U.S. automotive exports has been a priority for the Trump administration.

Commerce Secretary Wilbur Ross said Washington and Seoul were also near agreement on the steel and aluminium tariffs which Trump recently imposed.

The revisions set a "bad pre-cedent", said law professor Choi Won Mog of Ewha Womans University. "I think South Korea fared well despite the U.S. offensive".

People Are Celebrating Black Panther Breaking Another Record
Jordan also stars as the villain Killmonger, with Lupita Nyong'o, Forest Whitaker, Angela Bassett, and Andy Serkis also appearing. It is also the biggest solo superhero movie of all time worldwide, third only to the two Avengers movies ($1.5 and $1.4 billion).

Within hours of announcing the deal with the US, South Korea already might be attempting to ease the quota limits, according to the Korea Iron & Steel Association.

In return for the exemption, Seoul accepted the USA call to set an import ceiling on South Korean steel products at 2.68 million tons per year, or 70 percent of South Korea's average steel exports to the United States for three years through 2017.

"The Trump administration needed to harvest an outcome from the negotiation to show its supporters", he added, warning that Washington could in future "slap tariffs on semiconductors" - a crucial South Korean export.

South Korea also said it would "take into account U.S. standards and global trends" when Seoul decided its fuel economy and emissions rules from 2021 to 2015.

Kim said on Monday that amendments were agreed to, although he did not elaborate except to state that South Korea made no concessions on its agriculture markets and there were no changes to existing tariffs. United States officials were most interested in the auto trade, he said. It was up from 25,000 vehicles under the current deal.

American Metal Market's pricing assessment for United States import high-collapse seamless P110 casing stands at $1,275-1,300 per ton. Ford Motor Co and General Motors each shipped fewer than 10,000 vehicles from the United States to South Korea past year. "That is free and fair trade".

Other News

Trending Now

Del Potro claims Indian Wells title
While Federer struggled mightily to find the court with the match on the line, Del Potro was finding another level. I am just enjoying my life and playing around the world. (Having said that), Juan Martin well played today.

Stephen Curry has Been Cleared to Practice
Kevin Durant, Klay Thompson and Draymond Green are also sidelined with injuries and remain a doubt for the game on Friday. Golden State has the next three nights off, so Friday is the earliest that Curry could get back on the court.

NATO, too, expels Russian diplomats
Prime Minister Theresa May welcomed the move and said it sent a strong message to Moscow that it can not ignore global law. Tuesday's decision follows "Russia's lack of constructive response to what happened in Salisbury", the statement said.

Zlatan Ibrahimovic the latest high-profile player to…
But the team is showing signs of promise under Schmid, the club's veteran German-American coach, and has opened the season 1-1-0. If he feels comfortable immediately, he could even debut in a derby against their new archrival Los Angeles FC on March 31.

Trump praises MBS over ties, arms sales
The Latest on Saudi Arabia's Crown Prince Mohammed bin Salmon's visit to the U.S. "We'll see what happens", Trump said. Trump is touting close U.S. -Saudi ties during an Oval Office meeting with visiting Crown Prince Mohammed bin Salman .

China Opens Market of Oil Futures in Yuans
In the longer term, the futures exchange will enable China's crude-buying patterns to become more transparent to the world. Futures contracts are used to fix prices today for later delivery, usually within 60 days.

Decision on Sterling charges could be announced tomorrow
Department of Justice announced it would not be pursuing civil rights charges against the officers, reports CBS affiliate WAFB. Sterling, whose videotaped shooting by police in Baton Rouge last summer sparked tense protests across the city.

Villanova downs West Virginia, 90-78, in Sweet 16
Graham's offensive rebound after a Svi Mykhailiuk miss at the 1:57 mark allowed the Jayhawks to run nearly a minute off the clock. Both of these teams play zone defense the whole game and both teams should be taking their fair share of three point shots.

Liverpool's Mohamed Salah on Course to Win European Golden Shoe
You can do everything right in your defence, and in one moment you are lost. "We have beaten them for a start". His coach for the Egyptian national team, Hector Cuper, says Real Madrid have already begun scouting Salah .

Now, 2 IndiGo A320neo planes face glitches, one grounded
This grounding raises question over the reliability of 31 Pratt and Whitney (PW) engined A320neos now operational in India. The other four, two of whom were also Airbus A320 Neo jets, were allowed to resume operations on Monday after repairs.